Timeshare salesmen often lured potential owners with promises of free meals and other prizes just to sit through a sales pitch. But with so many people in financial trouble these days, a new form of business arise which promises the owners to get out of their timeshare contracts.
For a number of reasons, many people realized that they can no longer afford to hold on to their timeshares. Meanwhile, selling such properties can be a huge problem because fewer people are travelling and have less expendable income. People usually buy when emotions are running high, and then later regret it when reality sets in.
According to Denver Boulder BBB CEO Dale Mingilton, as times change, people are going 'I don't know if I can afford this and so it's that combination of non use and also the cost motivating people to get out. Also with the down economy and people are travelling less, desperation has set in for thousands trying to unload timeshare properties.
On the other hand, the BBB says it's become an open market for companies promising online to put a stop to your next timeshare bill. Mingilton stated that many of these companies will make false promises to convince buyers. But some scams point to reading the fine print on what the BBB calls the shady contracts and offers to take over the deed on what you thought was your vacation paradise with companies that can end up charging you thousands in fees up front. As you sign all these documents, it makes it look like it's official. They take your money but at the end of the day, they never make the transfer. Most of the time, getting a refund is all but impossible.